economics Flashcards
a custom to ancestral marketing
traditional economy
an economic system with public and private enterprise
mixed economy
economy controlled by the government
command economy
do what ever you want
market economy
limited supply of something
Scarcity
trading with no cost
Bartering
an economic system in which private business operates in competition and largely free of state control.
Free Enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
a political and economic theory of social organization which advocates that the means of production, distribution
Socialism
the amount of a commodity, product, or service available
Supply/Demand
the personnel of a business or organization
Human Resources
What are the three basic economic questions?
what to produce, when to produce, whom to produce to
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economy
